You can’t put a price on human life, but you can value your assets. Your storm-damaged items need a proper valuation if you want a thorough recovery when filing a commercial property damage claim in Florida. Learn more about the process, tips for what you can do, and how you can hire us to get your life back! Reach out to Altieri Insurance Consultants Naples today for a team of public adjusters you can count on for accurate damage assessments.
First of All, You Need Evidence to Prove Your Claim
Would you spend good money on something that you can’t see? Just like people like to see what they’re buying before making a purchase, insurers will only pay for damages that they are absolutely certain of. Your word alone will not be enough to convince them. It is incumbent on you to substantiate your claim.
Unfortunately, some business owners will just take a few photos and scratch out an informal list of lost items. However, it becomes harder for an insurer to deny infallible proof of storm-damaged inventory when a detailed list is presented in the proper way.
Here are some tips to gather evidence like a pro for a proper valuation:
1. Take high-res photos and videos of the damaged items if possible.
2. Try to include timestamps.
3. Photos and videos should be taken at various angles for perspective.
4. Preserve and photo your evidence before you start clean-up.
Take preemptive measures before the next storm comes through Naples by logging all of your inventory in itemized detail. Save all of your records and receipts to the cloud. List model and serial numbers with your items to better identify your equipment for a smoother claim process to proceed.
Top Valuation Methods Insurers Use For Storm-Damaged Inventory Claims
There are a few ways your storm-damaged inventory may be assessed in Naples:
Replacement Cost Value (RCV) evaluates inventory at current market price without considering depreciation.
Actual Cash Value (ACV) evaluates inventory at its replacement cost while subtracting depreciation for age related wear and tear.
Wholesale cost relating to what you paid for the stock.
Net Selling Price (NSP) evaluates inventory at the expected selling price minus any fees associated with shipping.
Read more > How Commercial Property Damage Claims Really Work (From First Notice to Final Payment)
Reputable public adjusters in Naples help business owners ensure that they’re receiving a fair settlement amount that actually reflects what is stated in their commercial policy.
What’s the Best Valuation Method For Storm-Damaged Inventory?
In most cases, valuations based on net selling price tend to be beneficial for business owners filing a storm damage commercial insurance claim. The settlement amount would be closer to what the company would make in sales on a normal day if not for the business interruption.
These Items Are the Most Prone to Storm Damage In Naples:
What kind of inventory is more likely to be damaged during a storm? In Naples, business owners often find themselves filing a commercial claim for storm-damaged items that are damaged through direct contact with the elements or are climate sensitive.
This can include:
- Perishable goods, items requiring refrigeration in cold-storage or frozen food
- Heat-sensitive produce
- Wood or wood-based product materials
- Cardboard packaging
- Various types of time-sensitive shelf-life retail stock
- Electronics
- Machinery & Equipment
| Some commercial property insurance companies will set sublimits on certain inventory.
Read our guide > Understanding Sub-Limits in Your Insurance Policy: Quick Guide |
Are Public Adjuster Valuations Better? (Typically, Yes)
Most commercial property owners in Naples hire public adjusters to receive an expert evaluation from a policyholder’s perspective, to an assessment more in line with their viewpoint. Sometimes, the difference in estimates can determine how soon operations can continue. Additionally, a Public Adjuster can analyze the insurance policy to determine if there is coverage for lost business income. The public adjuster will perform the accounting analysis to develop your lost profits, then adjust that claim with the insurer’s forensic accountants and adjusters to a satisfactory conclusion, assuring you of capturing lost income and extra expenses incurred by the business owner. This includes researching the possibility of temporary relocation to help the business maintain continuity through a disaster scenario.
What Do Public Adjusters Do Differently?
Public adjusters in Naples represent the property owner, not the insurance company. This means that they will do everything in their power to properly value your storm-damaged inventory for a truly fair settlement offer. Inspectors sent by the insurance company may not be as thorough in their investigations and at times in the past have been known to miss items. Altieri’s experience with thousands of commercial claims over almost 40 years with their team of accountants and adjusters ensure no stone goes unturned.
Get What You Are Owed For Storm-Damaged Inventory When You Hire Altieri Insurance Consultants Naples!
We’re the partner property owners rely on. Contact Altieri Insurance Consultants Naples today at (813) 247-4757 for professional commercial claims services near you! Our public adjusters take care of everything from valuations to negotiations and more.
